Bitcoin has hit its long-term resistance level of $30,000 today, with a 7.1% gain on the day to reach around $30,500 during Tuesday’s Asian trading session, according to TradingView. This is BTC’s highest price since June 2022, when it faced a steep decline due to the Terra/Luna collapse. While Bitcoin remained at the support level for a month previously, this time it is acting as a resistance level, leading analysts to predict a weak outlook.
Bitcoin Rally to Cool?
Crypto analyst “CrediBULL Crypto” predicts that the six months BTC has between $30k and $40k before a new ATH in 2024 or 2025, if the halving cycle repeats. “WhaleWire” account shows a more bearish outlook is due to Tether, claiming BTC’s rise is due to Billions of USDT, adding fake liquidity which will result in the exit of FOMO.
Here we go. The next 48 hours or so are very important and probably tell us what we need to know about the strength of the move this morning. A quick, 12 minute vid with my thoughts. Enjoy! $BTC pic.twitter.com/BqAHhfB4du
— CrediBULL Crypto (@CredibleCrypto) April 10, 2023
Santiment, on the other hand, believes big whale moves are responsible for BTC’s move above $30k, with 11 separate 22k BTC or a total of $655M moved in two simultaneous batches. Despite the largest regulatory crackdown ever in the US, BTC continued its upward trend, indicating the power of the global asset.
Crypto Market Outlook
Crypto market capitalization hit $1.29 trillion, the highest of the year, after gaining 4.8% on the day. BTC leads the gains, while Ethereum trades at $1,933, an increase of 4.2%.
Most high-cap altcoins made gains between 2% to 4% on the day as BTC lifted them higher.
The stable coin market has seen Tether inflate its supply by $14 billion thus far in 2023, although USDC and BUSD supplies have dropped, resulting in lower total stablecoin market capitalization compared to the same time last year.